Swan Energy gains after securing a contract in Gujarat

Swan Energy rose 1.9% to Rs 110 at 12:27 IST on BSE after the company said it has been selected by the Gujarat Maritime Board as the developer for a greenfield project in Gujarat.

The announcement was made after market hours on Friday, 29 November 2013.

Meanwhile, the S&P BSE Sensex was up 102.22 points or 0.49% at 20,894.15.

On BSE, 1.23 lakh shares were traded in the counter as against average daily volume of shares in the past one quarter.

The stock hit a high of Rs 111 and a low of Rs 107.75 so far during the day.

The stock had underperformed the market over the past one month till 29 November 2013, sliding 4.47% compared with the Sensex's 0.65% fall. The scrip had also underperformed the market in past one quarter, gaining 3.4% as against Sensex's 12.99% rise.

Swan Energy said that the Gujarat Maritime Board (GMB) has selected the company as the developer of Greenfield LNG Port Terminal with Floating Storage and regassification Unit (FSRU) project at Jafrabad, Gujarat on built-own-operate-transfer (BOOT) basis.

Swan Energy's net profit declined 14.5% to Rs 4 crore on 47.3% growth in net sales to Rs 81.73 crore in Q2 September 2013 over Q2 September 2012.

Swan Energy is an emerging green energy company with a pipeline of innovatively structured power projects. The company is currently undertaking a gas-based energy projects in Gujarat through 49% equity participation in special purpose company, Gujarat Pipavav Power Co (GPPC).

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